When does rigidbody.velocity affect?

I am writing a script in which I constantly change the velocity of a GameObject’s rigidbody.

My question is: When does the ‘rigidbody.velocity’ value affect the gameobject’s position?
Does it affect it after Update() function? or it takes place is LateUpdate() or some time between that.
I am asking this to resolve a race issue.

Physics has it’s own update called FixedUpdate.